Secret Service Holds Virtual Cyber Response Simulation With Business Leaders

The U.S. Secret Service has held a virtual cyber incident response exercise focused on ransomware and cryptocurrency attacks.

The Secret Service said it partnered with business leaders, law enforcers and other cybersecurity stakeholders to train on incident mitigation strategies.

Cybersecurity executives were given a scenario where they tested their planning, collaboration and information sharing with state and local government authorities.

USSS Director James Murray said the exercise built trust among members of the cybersecurity and business communities, which he said is critical when responding to attacks.

“Today’s simulation gives us the chance to learn about each other’s processes and practices, and capitalize on the lessons we all have learned along the way,” Murray added.

Due to the wider scope of its cyber mission, USSS said it needed to expand its investigative capabilities through enhanced information sharing and partnerships with cybersecurity stakeholders.

Alejandro Mayrokas, secretary of the Department of Homeland Security and a 2021 Wash100 winner, said USSS is focused on protecting private-sector businesses, which he said accounts for up to 75 percent of ransomware victims in the United States.

Mayorkas previously urged small businesses to proactively protect themselves against ransomware because of their role as the “backbone of the U.S. economy.”

The industry-led Ransomware Task Force pegged the average ransomware ransom during the third quarter of 2020 at $233,817, nearly five times as much as the average from a year before.

USSS tackled cryptocurrency because of its inherent cryptographic security, which cyber criminals take advantage of for different types of fraud and trafficking.

The event featured guest speakers from the FBI, National Guard Bureau, Cybersecurity Infrastructure Security Agency and other organizations.